Uploaded by Anh Truong Ngoc Van

Lecture

advertisement
Expectation
:
Tie
chge
-
behavior
:
labor
_
market
chge
⑥
what
Price court
u
-
setty
behavior
of firm
I
actual inflation
think
true
comes
in
;
price
tie-in
them
of
Shorty
demand
a
output ↑→
production
goods in short
income ↑
t
black market
run
↑
eamhwphion
☐ ↓
quickly
then
( transitory shock
↳
uncertain
et
wwe
eco
\
:
"
ith shock
Enid )
"
ke
reams
rescue
no
create
new
g
:
Pandemic
:
C ↓
3ʳᵈ
→
Shock
AD stuff left
+
;
Y ↓
over
,
:
Firm
in
CB
on
larry
but
Goes
a
line
over
difficult
2ⁿᵈ period
M
ad
or
As
I
produce
P
a
rant
raise
>
deep
1GB
AD shift instead
if
AS shift
crisis
acts
knw the
original poifit.im
Y
1-
of
at
to
not
↓
Supply
;
•
equilibrium
cut prices
is
a
is
e.
more
earning
I
ⁿʰ "
If shock
→
help
must
Ghiet shock sh.tt
"
\
I
shock
~
artificial demand
↳
↑
mbʰ•É÷¥÷↑
period
↳
illegal
source
shoot from
they
bk
slowly
of the
An
↳ AS
I
don't
shock
CB
↑rⁿʰ applied
↳
TRMP
came
had
effect
>
=)
What
are
do
we
do
Contufiy
&
where
we
are
panic in
market
the
In
short
RMP
run ,
=
romp
YZLB
Medium
run
RMP
•
RMP
•
romp
=
y
1
RMP
{
"☐
=
+
RMP
Y
romp
∅y(Y-)
∅y(I) Ola -4
+
+
R
:
"
/
crisis
=
°
-
↳
Y
"
∅y(
%
psychological
F)
-
"
I
-
Tee
¥
=
a
"
=
( dy
-
-
+
a
at
-
Central
banks
)
RMP
ae
✗≤ ✗
:
too low
∅ (
:
a-
,
also look at
RMP
=
"
≤
a
a
Bla
"My
Central banks
ae
-
{
Rµp=◦
[
⇐
Y
is
below
is
too
conflicting
information
low
a
+
:O
RMP
romp
=D
no
da [
-
a
-
Fix Y
interest when
-
a
e)
variable
one
↳ Exa
at )
→
Given
:
:
a
saving
RMP
,
money
Cest
level of
42lb
a =
,
at
hor
-1
deflation
-
&
②
a
is
too
low
level of
in
a
eco
a2↳
hide
)
-
•
do
at
to
=
0
Y
trigger
Y "%a↑
inner
the
↑
d
CB
independent
hits deep
if
a
crisis
In
Y
is
→
→
at
a
↓
falls too much
time
of
ae
panic given
a
market panic happens
:
at
higher output level
y
4--4*0
of Y
even
a
remaining
/y
RMP
↓
YZLB
over
level
Ado not not
pay
≤
losing
crisis
noky
on
y
,
Given Y
at
y >
↑↑
[ economy
focus
I
threshold
If
Y
economy
Fix
at)
employment
y↓c
while
a
YP
at
?
concern
RMP
from
a
>
h
ee
tools
romp)
-
+
too low
is
is
a
et)
out of
runs
>
.
>
""
CB
-0
-
policy
da (
+
RMP
when
is
②
RMD
=
( dy
deep
:
>
Crisis
+
¥
=
/a
romp
=
( Y- )
dy
:
'
↳ Deep
+
quite high
:
start panic
In medium
In
run
by
shock
,
happens ,
we
try
1-
back
push
potential output
to
,
we
're able
dye
to
↳
"
capital
neat dye
in
②
pm
"
=
is
0
too
b/c
Eh
low
Bly
"
a
is
/y
capital
dye
Y
new
Tl
same
¢
with little
↳↳
ru
given scare labor
level of 4-
RMP = POMP
c-
tie
+
too low
@ I
←
∅,
a
☒y
"My
_a2<
Bly
( Y)
roMP-ae-cdy.to/a-uT-&Y-.y
+
=
=
∅
,
/
"
a
/y
-
at )
-
0
-
from
P
-
at
+
dy
-
-ˢ
.
+
at
Questions
A
:
normal
Iso
cycle
business
r
:
e%gm→
=
Ife
-
-
r
romp
=
'
Y
∅y(Y)
+
a
Puri
,
deep
crisis
scenario
r
:
-
.
Dug
the
f-
=
row
42
when
9
AN
=
deep
o
-
AD
(4)
ry
-
"
the
,
,
_
(Y
AD
0.3
=
☒
Ir
+
Be
-
er
19
=
ADT -0.1133
(
=
°
Is,
+
Cre
Afro
=
(a
∅ -9
-
at )
+
Thee
-
as
Y
.
"
/a)
row
cure
is
AD
curve
in
"
=D
→
-12
r
a
=
<
-
"
=
¥y
[∅y
:
✓
AT
1-
ADT
.
Y
¥Q←
C
,
CLI
ca
+
¥r= @
@+WiT
nwo
+
_
-
=
0.11
-0.03
=
0.0033
pbgr into AD
'
-
=
AS ,
the normal burner model
o
RM
.
-
A- So
I
1.35
AS ,
the
is
=
Ape
Y
.
cleaned
is
crisis
{
→
ᵈ
the vai
Thin
-
?⃝
In
Y=
DD
G- Foy
Iso
→
T.in
9.1838
=
We
w#+×¥I-Y÷
-
romp
-
ae
data at]
-
-
Normal borne
Crisis
Fk
at
:
at
:
⇐ s
r
;
at
←
PTnsZ÷↑ rt
r.me ↑
↑
got
2%
if at
overtire
Pishgher
cents
rt
\
pniebrelisasttfirnma-i-a-P.li#+--K+.R??L+.
W
+prnmnkt.lt
CB
ecomzt
Foc
Alp to inflation
:
same
:
nature of
Him
Pt
:
.
Pt
nature of
eco
22¥
.
¥-2
ante
-
-
Rt
wt
=
0
=
0
z
3¥
Grid
R¥ }
=
any
=
create by
→
value added
than
too advanced
to adapt
tech
modern
train
workers
Effected
labor
A- 4.
~
nature
of wrk
→
Rlh
real
wp÷ }
> poor
}yg
}
Listed
productive
facts
Were
worker
real interests
Amore
¥wyda☒d product
in
's
US > inn
wage
Y
FCKT
=
yt
y
=
let
Assumption
=
1
At
,
Yt
4-
+ ,
+
4-
=
#
@ f. Lt )
" "
GDP Morita
labor
:
"
heh
augment production
-
population
¥
closed
(
leg )
( Itn)
economy
tech
:
↑
program
on
%
Ige
averagely
productivity
=C¥i ✗
E-
=
"
(1-8) k*
+
-
s
=
worker
output per effective
a¥
big
A
capital
:
grows
sternly
-
.cl
-
8)
.
Kt
+
+
endogenous
i/
s
a
model
Growth
exogenous
i
kid
=
=¥:÷ "¥!!÷
=
,
=
:
→
:
productie ↑
per
SE
¥÷!::¥÷÷=
14-+1
£¥,
=
1%
function
effective
worker
G:
At
=
✗
Per worker
St
=
Kt
worker
St
=
tee
)
capital
:
It
A
Lt
output per
:
¥7
:
,
=
KÉ CAT
S
.
Yt
0<121
:
say
rate
model
" " "•
"
equilibrium
↓
steady state
.lt )
""
"¥:¥?
=¥?:¥-¥÷i÷
,
+
s
.
"¥¥¥iI÷÷
,
ts.ee#YTAkT-+i=kT+
]
/
C- 8)
=
¥
-
,
.
=
É
-
@+g¥g
°
"
=a¥=
-
-
☒
+
÷→.ñ
g#
"
0.01
}
0.00001
↳ none
.
::-÷ñ+ˢ-→¥÷--"¥;:i
"I¥g
-
%: Ñ
if
+
it
1Ñ-nen+g).Ñ_
=
1) @
+ n +
g)
ns.ei
.
KT
.
act
GDP
/wheres nuÉ
do? WE
↓
'
que
9yith.nl
ad
buddy
mkay /
=#÷↳J=ñE
/
¥f =¥÷↳
①
log
?¥
_
At
=
=P
4 I
=0
say
'
→
Toi do?
, www.
B- ↳
¥f
+
+
At
↳A
inlym
ˢ¥?i=ˢ¥-+
,
.
#
#
YÑT
bag'bi' dirty trying
)Ñ+
+
i
,
s
S
&
"
"
'
,
"
"^
ski
=
ab + Sab
the
diminishing
value
d
+
9
+
'
Dab
n
%
!
'
K
>
k-
s.TW
>0
↳ net investment
=O
K
>
no
(s+n+g).Ñ+-
The invested capital
As
sÑÉ
{@
+
"
increases
n +
g)
.
Ñ+
depreciated
the net
,
y
=
value of
AÑT
investment
"
"
abb
=
%Ñ+
the
( bebb
%K+
-
s
own
is
capital
-
+
will
"" ʰ%
¥
+
be
( %-)
Ka
ATG
sÑi
< 0
The invested
ten
k*
K
'
capital
is
used
is
%↳
-
ng
-
%dt
n
capital
large
much
capital
to
we
I
still small
much to grow
µ,
depreciated
→
Ice
the
→
capital
is
bag
Skt
the
gross
investment
,
K*
>
=D
→
unused
~
=
the
depreciating
069
=
capital
"
"
↳&
:/at -1%4
=
↳
at
-
↳ bt
.
cs-en-igj.IE
capital
↳"
¥ .sd←=÷ .su ¥ .sk
,
<
"
ᵈᵗ
↳
depreciated
[
ˢÑÑ
1*-14=1+-09-+1-+4
¥5
present
capital
% At
-
7-
small
b.ba
c-
the
Ifaddno
more
+
"
:
=
replacing
=
^
"
are
"
log
or use
)
Sa )
+
2¥ :#
Ñᵗ=¥t
capital left
@
=
=
'
!
R,
+
,
l
!
g
depreciate 's parameter
#
I
'
initiative
,
/
i
(
_
from
StÉt
I
'
,
Ñtᵈ
investment
"
"
.
a%Él
Kt
-
n+g)¥
>
neg
^
"
°
or
"
BT
inured
=
-
Hat -%t
.
sit
(
"=¥s
""
%;¥;¥!_!
'
'
-
nᵈ
per
unit
of effective
line
worker
(
( Iit )
%
4.
¥+7T
=
Ñ
>
investment
% At
-
s
-
=
grmkrate
→
g
-
% 4-
-
↳
to
worker
better
/
(
workers
s
.
Lt
Ñt
equip
↓
hey
( At
↑
SÑF
bodes
"
Net investment :•p◦ the
when
-
gown
read
,
•
•
negative
At
steady
É
ales
state
:
Ñ
>
did xals
)
Kanes
more
↑ egipmee
SKI
*¥0
capital
the market
workers wk
more
capital
"
4)
)
equipment
new
-0
Kt grows
if
demand
nub join
↑
At
mai
f
fever
recruit
groin
n
-
chef
-8
=
,
4. K+
=
,
investment
no
wwe
p
the
son
,
"
"
"
"
-
sina.yq.gg
At grows faster
n
Solow diagram
t
↑
,
born
<
IT
more
1
*
;
*
net investment
is
!
0
:
-
Kes
46
"
←↳dñ cn☒H
↓
K >
Kss
GR
>
[
0,
•
ki
t.KTL-C-in-sj.tt
=
bashir?
@
Ss
meichictidaihi:( Gm)
GRCYT )
+
g) #
+
n
( ¥÷↳
-
SS
At
Ñ
"
=
•
#
conlst
✗
GR("÷)=GR(
G
)
°
=
Yt
At
•
( K+ )
GR
Economy
's
well
-
GDP
by
① Catch
-
effect
up
grows when A
only
→
Open eamy
( E.
GR
=
;
.
?
→
◦
↳
Icing
→
s
.
Ñt
)
poorer
At
4- )
.
grows
✗
GR ( Ar )
n
-1
.tGRC↳ )
g
+
Shary the
country
=
GR
=
same
g
+
(E)
n
K↑
t
c-
GRCAr )
g
If
g
=
(at
SS
Cat
+
]
ss
GRCLT)
Ñ
,
in
Sanz
Esher randall
:
bÑtei=0→ SEEK
=
@
in
KY
+
!
'
'
i.
,
!
country
I
>
-
:
ki
'
investment
link
=)
i
return
faster
grow
who
Ther
than
2-3
,
i.
county> county
&
&
poor
-
>
[ grow
i
!
i
I
1
I
!
!
"
"
Kt
in
But
higher
be
Ñ*
!
K:
A will
forever
s.
14T¥
"
=
"
"
ˢ+^¥
mi:
1
'
g)
+
)
higher growth
bad ↳
@ neg )Ñ
121¥
^
r
It
=D
higher imaret
② Chge
structure
further
flows
Great)
+
0
FDI
+
I countries
'
6
4)
+
GR
=
=
•
a
¥¥
=
const
=
•
•
GRCYT.AT
=
=
:
Ss
> SS
when
4)
A.
<
when
↓
.
GR
=
↑
.EE
=
,
remora
more
→
investment
µ
GR
→
grow
onb temporary by grouse
higher
fork
Golden
3
of
rate
Saiz
It
=
What
:
-
%
-
=
Ñ*
Foc
_
¥É;=
✗
.
IÉ
Sao
a
country
do
in
SS
ñ
save
→
GDP
bÉ
Otupleikoj
G-
max
Ss
the
sÑt+
,
I
=
s
0
.
Ñt*
✗
=
@
+
g-in )
.
1¥
.
" "
know
,
EI
s
Cents)=O
-
(G) optimal
→
for
( at
(Seney) k+*
a
.
rate
Chin Shim
( ˢ;)± ¥+
=
=
ss
Yi
KEV
=
optimal swig
the
is
=
(+2+-1)
#
The
optimal Sajak
is
:
1=2
Q✗t=É#
FOCS
Zz
:
{¥b)
Income
P
=
=p
2¥
.
.
of
share
2¥
.
2¥
c)
2¥
-
capital
owners
¥
"
=
2¥
a.
@
.
a.
=
¥
F-
-
k
Yt
.
d- 2) A
=
=
are
✗
or
3¥
→
=D
R
"
L
=D
w
k=M.k¥
=
=
-
K
.
?
L
f*
.
-
✗
=
¥
.ie#.fw)Z
[4- D. A
↳ level of Film plgmat
↳
g-
It
is
set
by
the firm
the Labor demand equation
I
=
[
c- 2)
K
A
↑
wt
PT
.
K
need
'
±
]
.
more
labor
(f)
→
£
LT
Ld
o
firms need
(
extra
more
works
more
labor
hours
production
)
2↑
Download